Finangel - new account offer...?

#1

I know Finangel were mentioned last year but they seem an interesting new kid on the block - now offering a £50 incentive to new card holders when they open an account then top up and spend £50 on a new card. Obviously just an initial marketing offer to encourage sign up but the ability to split bills at partner retailers then pay off in 3 installments interest and fee free is certainly innovative. Is the Fintech marketplace going to be a bit like the energy market though and casualties are inevitable along the way?

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#2

I have just signed up to have a look they won’t send card unless you top up a minimum £10, it is also not clear how you would do the 3 month interest free option, there is a for you in app but it looks like just an add again no real info :wink:

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#3

Just took a look.

Appears to be just like the initial Monzo pre-paid card I had, but with a VERY stile Take 3 instalment feature.

Personally, I would find this uncomfortable and potentially confusing.

How would you plan for the money to be there each month for each debit, and would it actually help you long term?

I also don’t purchase at any of the Partners featured in the images.

Site states: “Your money is kept according to FCA regulation.”

Of course, that’s not the £85k type protection as it’s a pre-paid card/account.

My tuppence worth anyway :grin:

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